This morning we received the ADP Employment Change report for September which came in as expected showing a 135k private payroll growth for the month. September's private payroll growth came in 93k below August's downwardly revised 228k growth which reflects a clear impact from Hurricanes Irma and Harvey. Also on the calendar was the September ISM Non-Manufacturing Index which jumped to 59.80 from 55.30 prior; consensus called for a slight increase from 55.30 to 55.50.

We also received the MBA Mortgage Applications for the week ending on September 29th which dropped 0.40% in activities following a 0.50% drop the week prior. This is the third consecutive week that mortgage applications decreased as refinancing activities fell 1.80% after falling 3.50% the prior week, and purchase applications rose just 1.00% after rising 2.80% prior. Lastly, the Markit US Services PMI for September came in slightly above expectations at 55.30 versus 55.10 per consensus, and the Markit US Composite PMI rose slightly higher to 54.80 from 54.60 prior.

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